NNPCL Disclose Plans to Boost Crude Oil Production to 3 Million Barrels Per Day. In a significant announcement, the Nigerian National Petroleum Company Limited (NNPCL) has unveiled plans to substantially increase crude oil production from the current 1.6 million barrels per day (BPD) to an impressive 3 million BPD. This ambitious objective was revealed by…
GE Vernova Launches AI-Powered Carbon Emissions Management Software at Azito Power Plant in Cote D’Ivoire. GE Vernova, a leading technology company in the energy sector, has introduced its state-of-the-art carbon emissions management software, CERius™, at Azito Energie S.A. (“Azito”), the largest gas power plant in Cote D’Ivoire. This implementation marks a significant advancement in enhancing…
NERC Orders Removal of EKEDC MD and Top Executives. In a recent development, Dr. Tinuade Sanda, the Managing Director of Eko Electricity Distribution Company (EKEDC), along with other top executives, has been relieved of their positions following a directive from the Nigerian Electricity Regulatory Commission (NERC). The affected executives, all seconded staff from West Power…
NLC Expresses Concern Over Deteriorating State of Power Sector. The Nigeria Labour Congress (NLC) has sounded the alarm over the persistent poor state of power supply in the country, expressing significant concerns for businesses and national development. Despite twelve years of privatization initiated during the administration of former President Goodluck Jonathan, the NLC lamented that…
NSCDC Uncovers Five Suspects for Vandalizing Heirs Energies/NNPC Ltd JV. The Nigerian Security and Civil Defence Corps (NSCDC) has made notable progress in combating illegal oil activities, culminating in the arrest of five suspects involved in vandalizing the wellhead of Heirs Energies/NNPC Ltd JV. The incident took place in Odagwa Community, Etche Local Government Area…
NIMASA Reaffirms Commitment to Environmental Sustainability and More. Dr. Dayo Mobereola, the newly appointed Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), has outlined his key priorities, with a strong emphasis on safety, security, efficiency, and environmental sustainability. In his inaugural address upon assuming office, Dr. Mobereola emphasized the importance of fostering…
NERC Releases Electricity Distribution Figures for January 2024 The Nigerian Electricity Regulatory Commission (NERC) has released data indicating that eleven Electricity Distribution Companies (Discos) across the country collectively received 2,577.60 gigawatt-hours (GWh) of electricity in January 2024, valued at N130.92 billion. The Discos mentioned include Abuja, Benin, Eko, Enugu, Ibadan, Ikeja, Jos, Kaduna, Kano, Port…
Nigeria Sets Deadline for Eco-Friendly Reporting Standards Implementation Nigeria has taken a significant step towards environmental responsibility by announcing plans to enforce eco-friendly reporting standards for businesses within the next four years. Non-compliant companies may face sanctions as a consequence. This decision reflects a response to increasing global investor interest in companies’ environmental, social, and…
CNOOC’s Profits Decline by 12.6% in 2023 Following Record-Breaking 2022. Chinese energy giant CNOOC Ltd (0883.HK) reported a 12.6% decrease in net income for 2023 compared to its record-high earnings in the previous year. This decline was attributed to lower hydrocarbon prices, although the company’s emphasis on cost management and reserve expansion helped alleviate the…
Oil Prices Decline Amid Prospects of Gaza Ceasefire and Dollar Strength. Oil prices experienced a decline on Friday, influenced by the potential for a ceasefire in Gaza that could alleviate geopolitical tensions in the Middle East. Additionally, the strengthening of the U.S. dollar and a decrease in U.S. gasoline demand contributed to the downward pressure…
